If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.

The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.

Chess is a cure for headaches.

I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.

I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.

Well, when I get new information, I rethink my position. What, sir, do you do with new information?

It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.